Legal & General announces £55m bulk annuity transaction with the pension scheme of the Chartered Insurance Institute

21 May 2021

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has completed a £55m full scheme buy-in, with the Chartered Insurance Institute Pension Scheme 1993 (“the Scheme”). The transaction covers the benefits of approximately 330 Scheme members, including around 150 current pensioners.

The Scheme’s sponsor, the Chartered Insurance Institute (“the Institute”), is a professional body dedicated to building trust in the insurance and financial planning profession.

Today’s announcement marks a significant milestone in the Scheme’s de-risking journey and is the culmination of several year’s planning and collaboration between the Trustees, the Institute and advisors Mercer. The Scheme, with the support of Legal & General, will now be taking the next steps to finalise the buy-in policy.

The Trustees were advised on the transaction by Mercer, with legal advice provided to the Trustees by Stephenson Harwood.

Source: Legal & General